D] What Are Smart Contracts Used For?
Smart Contracts Blockchain application can be used for varied purposes by individuals, business organizations and for the Internet of Things (IoT). Mentioned below are a few areas where Smart Contracts are currently being used for.
1. Smart Contracts Applications for Healthcare
The number #1 concern in the healthcare sector is the misuse of patients information. Since most of the clinical data is maintained on paper, private health records are often vulnerable to theft. Thus, here, Smart Contracts can be a valuable aid as it will not only ensure complete security & integrity of all clinical data but it will also make sure that no third-party has access to these private records.
Also, maintaining the numerous healthcare-related records can be cumbersome leading to administrative inefficiency. As such, with Smart Contracts, this issue would also be resolved as it facilitates the easy organization of general healthcare management. This includes the supervision of all healthcare supplies and drugs to ensure there is no transgression. It will also take care of regulation, compliance and testing needs, limiting the need for any third-party involvement and human error.
2. Smart Contracts Applications for Real Estate
As mentioned above, be it renting an apartment, buying a property or selling a piece of land, with Smart Contract you can easily create agreements and make transactions all without paying a dime to brokers, middlemen or real estate agents. This will also terminate instances of fraud, as all terms & conditions will be encrypted leaving no chance for manipulation.
3. Smart Contracts Applications for Government
One area where Smart Contracts can be a great aid for the Government is the overhauling of the Voting systems. Smart Contracts applications like FollowMyVote which works on Blockchain technology offers a secure online voting platform ensuring accountability and transparency during elections.
By adopting this technology, the government can prevent human error and overcome the hurdles of faulty systems. This will help reduce costs significantly and ensure greater security, voter privacy and easy accessibility, which can help boosts voter turnout.
4. Smart Contracts Applications for Insurance
One of the major hurdles for most insurance companies is the time-consuming claim process. Since this process is done manually, it leads to not only customer dissatisfaction but also increases the administrative costs. Thus, if insurance companies want to improve and streamline their operations then they should seriously think about using Smart Contracts applications.
With Smart Contracts, an insurance company can automate the claim process by defining terms & conditions or setting pre-agreed parameters, which when met successfully will lead to the release of the exact amount. This will help companies improve customer relationship and trust. Plus, it will reduce the administrative costs, saving more money.
5. Smart Contracts Applications for Supply Chain
For retailers, supply chain management can be a challenge as it involves a lot of tasks. Ensuring each and every task is done as per specifications may not always be possible leading to theft and mismanagement. As such, in this scenario, Smart Contracts can be your trusted companion. From tracking inventory to managing invoices & reports to monitoring compliance, retailers can achieve a lot more through this technology that too, at reduced costs.
Offering benefits like greater transparency, automation of day-to-day tasks, reducing fraud and helping save money, Smart Contract is just what retailers need to enhance administration and management efficiency.